Augie, go back to school, your Hungarian needs "polishing". In simple language, the low 1500' reached last Friday completely satisfy the required ultra short term low of Phase II. Warning, not very smart to play a between phase II and III bounce, the turnips cannot tell you if the bounce we got from Friday's low and early today was that bounce or more bouncing can happen. The Turnips were seeing a high likelihood of a 40 to 60 points bounce with a ceiling of 1595 (translation: if last week we were to stop at let say, 1535, the ceiling would be 1595, since the bottom was 1495 as it was, the top expectation would have been 1555 (so far we got 1552), but the outside chance of an extension of the bounce to 1595 (short to cover only on a breach of 1610) is still there. From what I see, we already had the end of phase II and the bounce, and we are probably going into few days of "hesitation" setting the stage (if not already the beginning) of phase III. Translation: Long, stay away on your well earned vacations for another two to three weeks. Shorts and other dark siders, enjoy the dark side ride, but cover your bets if 1610 is taken out. Last "if", if we do get a GNT between here and Wednesday, we would create a mild double bottom, probably under Friday's low, and that may be worth playing on the long side for one to three days, with best target from the low (then probably just around 1460) to around today's high of 1552, before Phase III establishes itself in "earnest".
Zeev
Zeev |
